Illiquid funds update Navigator s withdrawal offers and scaled back redemptions

Transcription

1 Illiquid funds update Navigator s withdrawal offers and scaled back redemptions The following are the withdrawal offer periods that are open as at 18 January. Fund APIR code Paper-based submissions Colonial First State Bricks & Mortar Fund Australian Unity Wholesale 18 January AUS0005AU High Yield Mortgage Trust Discovery Investment Services Core Income Fund (Australian Unity) AMP Capital Core Property Fund (monthly) APN Property for Income Fund No.2 (monthly) APN Property for Income Fund (monthly) Australian Unity Wholesale Mortgage Income Trust (monthly) n-link submissions CML0002AU Closed Closed AUS0031AU AMP1015AU APN004AU APN001AU AUS0116AU 18 January 8 February Closed 11 January 21 January 21 January Fund manager 15 February Please see the table below for the applicable scale back redemption percentages. Please note: where redemptions are scaled back, a redemption request is required to be submitted for each withdrawal offer period. Maximising redemption amounts for illiquid fund clients To maximise redemption amounts for clients' holdings in an illiquid fund, we would like to inform advisers that they can request to redeem 100% of their clients' units in each fund during a withdrawal offer period. While the requested amount may be scaled back by the respective fund manager, it provides the best opportunity to maximise redemption amounts. To ensure a request is submitted as quickly as possible, please apply via n-link. Small balances When making a withdrawal offer, some fund managers apply a minimum withdrawal amount for direct investors. If the account balance is below that amount, the full amount will be redeemed. As clients' holdings are held via the platform, these minimums do not apply. Every redemption request will be treated consistently and remain subject to the scale back set by fund managers. This now also applies to clients with illiquid fund balances under $500. Account closures: $1,000 automatic payment when paying proceeds from illiquid funds If an account closure has been requested and you are waiting on proceeds from illiquid funds, we will automatically pay out available cash # when the amount reaches $1,000. If a client wants to receive a smaller amount, they can make a request to do this at any time. # Available cash is total cash less fees, future charges and the minimum 1% cash holding. Where a client is rolling over to another superannuation fund or holds a Business Super account, this minimum will not apply.

2 As at 18 January we have been notified of the following: Fund Access AXA Aust. Monthly Income Fund 24/11/ % 10/03/ % 25/05/ % 24/08/10 TBC 23/11/10 TBC Access BlackRock Combined Property Income Fund 23 April 2010: approx 7.00% Access Challenger High Yield Fund 19/02/ % 20/08/10 17% approx. Access Challenger Howard Mortgage Fund 20/08/10 17% approx. AMP Capital Core Property Fund (monthly) closing 15 th of each month 15/03/10 100% 15/04/10 100% 15/05/10 100% 15/06/10 100% 15/07/10 100% 15/08/10 TBC 15/09/10 TBC 15/10/10 TBC 15/11/10 TBC 15/12/10 TBC 15/01/11 TBC AMP Capital Enhanced Yield Fund - fund suspended Capital distribution of 4.00% expected to be paid on 13 April 2010

3 ANZ Mortgage Fund APN Property for Income Fund (monthly) closing 24th of each month 02/03/ % 02/06/10 TBC 19/10/ % 24/11/10 TBC 24/12/10 TBC APN Property for Income Fund No. 2 (monthly) closing 24th of each month Australian Unity Wholesale Mortgage Income Trust closing 22nd of each month 19/10/ % 24/11/10 TBC 24/12/10 TBC From October 2009: monthly withdrawal offers for 2.00% per month Australian Unity Wholesale High Yield Mortgage Trust withdrawal offer open until 22/09/ % 22/12/ % 22/03/ % 22/07/10 TBC 24/01/11 AXA Wholesale Aust. Monthly Income Fund 24/11/ % 10/03/ % 25/05/ % approx. 24/08/10 TBC 23/11/10 TBC Balmain (Mariner) Wholesale Mortgage Trust Balmain (Mirvac) Aqua High Income Fund 25/09/ % 11/12/ % 26/03/ % 25/06/ % 24/07/ % 28/10/ % 27/01/ % 22/06/ % approx.

4 BlackRock Combined Property Income Fund withdrawal closed BT Wholesale Split Growth Fund (terminating) 23 April 2010: approx 7.00% 23 July 2010: 100% Challenger Howard Wholesale Mortgage Trust Challenger Mortgage Plus Trust Challenger Wholesale High Yield Trust Charter Hall Direct Property Fund 20/12/10 TBC Colonial First State - Bricks and Mortar Fund withdrawal offer open until Discovery Investment Services Core Income Fund (Australian Unity) withdrawal offer open until 22/12/ % 07/04/ % approx. 18/08/ % approx. 19/01/11 TBC 22/09/ % 22/12/ % 22/03/ % 22/07/10 TBC

5 HFA Diversified Investments Fund closure dates and % paid of 30/07/ % 31/12/ % approx. 31/03/ % approx. 31/05/ % approx. 30/08/10 TBC ING Mortgage Trust No.2 ING Monthly Income Trust ING Income Plus Trust 22/12/ % 02/03/ % approx. 02/06/ % approx. 22/12/ % 02/03/ % 02/06/ % approx. 22/12/ % 02/03/ % approx. 02/06/ % approx. Perpetual Monthly Income Fund 30/09/ % 31/12/ % 31/03/ % 30/06/ % approx. 30/09/10 TBC 31/12/10 TBC Perpetual Wholesale Monthly Income Fund 30/09/ % 31/12/ % 31/03/ % 30/06/ % approx. 30/09/10 TBC 31/12/10 TBC For more information, please Illiquid_Funds@mlc.com.au or call Client Services on